Shell Asset Management Co. Sells 883 Shares of General Electric (NYSE:GE)

Posted by MarketBeat News on Aug 6th, 2022

Shell Asset Management Co. reduced its position in General Electric (NYSE:GE – Get Rating) by 18.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,872 shares of the conglomerate’s stock after selling 883 shares during the period. Shell Asset Management Co.’s holdings in General Electric were worth $354,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Missouri Trust & Investment Co bought a new position in General Electric during the 4th quarter valued at $27,000. Benjamin Edwards Inc. raised its stake in shares of General Electric by 325.0% during the 4th quarter. Benjamin Edwards Inc. now owns 289 shares of the conglomerate’s stock worth $27,000 after purchasing an additional 221 shares during the period. Covestor Ltd bought a new stake in shares of General Electric during the 4th quarter worth $31,000. FSB Premier Wealth Management Inc. bought a new stake in shares of General Electric during the 4th quarter worth $32,000. Finally, Emerson Wealth LLC bought a new stake in shares of General Electric during the 4th quarter worth $32,000. 67.37% of the stock is currently owned by institutional investors.

General Electric Stock Up 0.9 %

GE stock opened at $74.36 on Friday. General Electric has a twelve month low of $59.93 and a twelve month high of $116.17. The company has a quick ratio of 0.80, a current ratio of 1.13 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $81.54 billion, a PE ratio of -17.54, a PEG ratio of 3.90 and a beta of 1.11. The stock has a 50-day simple moving average of $68.90 and a two-hundred day simple moving average of $82.14.

General Electric (NYSE:GE – Get Rating) last issued its quarterly earnings data on Tuesday, July 26th. The conglomerate reported $0.78 EPS for the quarter, topping the consensus estimate of $0.38 by $0.40. General Electric had a positive return on equity of 7.50% and a negative net margin of 5.94%. The company had revenue of $18.65 billion during the quarter, compared to analyst estimates of $17.90 billion. During the same quarter in the previous year, the firm earned $0.40 earnings per share. General Electric’s revenue was up 2.2% on a year-over-year basis. On average, equities analysts predict that General Electric will post 2.74 EPS for the current fiscal year.

General Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 25th. Stockholders of record on Tuesday, June 28th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.43%. The ex-dividend date of this dividend was Monday, June 27th. General Electric’s payout ratio is -7.55%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. The Goldman Sachs Group lowered their target price on General Electric from $108.00 to $82.00 and set a “buy” rating on the stock in a research note on Thursday, June 23rd. UBS Group lowered their target price on General Electric from $113.00 to $87.00 and set a “buy” rating on the stock in a research note on Thursday. Bank of America lowered their target price on General Electric from $132.00 to $120.00 in a research note on Wednesday, April 27th. Barclays decreased their price objective on General Electric from $96.00 to $81.00 and set an “overweight” rating for the company in a report on Friday, July 8th. Finally, Credit Suisse Group decreased their price objective on General Electric from $86.00 to $84.00 and set an “outperform” rating for the company in a report on Wednesday, July 27th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $103.21.

About General Electric

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General Electric Company operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. It operates through four segments: Power, Renewable Energy, Aviation, and Healthcare segments. The Power segment offers gas and steam turbines, full balance of plant, upgrade, and service solutions, as well as data-leveraging software for power generation, industrial, government, and other customers.